Central bankGovernment body that manages currency and monetary policy
MonopolyMarket structure with a single firm dominating the marketA monopoly (from Greekμόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell') is a market in which one person or company is the only supplier of a particular good or service.
Free tradeAbsence of government restriction on international tradeTrade as a share of global GDP (openness index).Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist political parties generally support protectionism, the opposite of free trade.
EconomicsSocial science studying goods and servicesEuro coinsEconomics () is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions.
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TariffA tariff, or import tax, is a duty imposed by a national government, customs territory, or supranational union on imports of goods and is paid by the importer. Exceptionally, an export tax may be levied on exports of goods or raw materials and is paid by the exporter. Besides being a source of revenue, import duties can also be a form of regulation of foreign trade and policy that burden foreign products to encourage or safeguard domestic industry.
Political economyPolitical economy – sometimes referred to as comparative economy – is an interdisciplinary field in political science and economics that studies the relationship between political and economic systems, including how they influence each other. The field originated within the 16th-century Western moral philosophy, with theoretical works exploring the administration of states' wealth.
CheatingCheating generally describes various actions designed to subvert or disobey rules in order to obtain unfair advantages without being noticed. This includes acts of bribery, cronyism and nepotism in any situation where individuals are given preference using inappropriate criteria.
Bank reservesBank reserves are a commercial bank's cash holdings physically held by the bank, and deposits held in the bank's account with the central bank. In most countries, the central bank may set minimum reserve requirements that mandate commercial banks under their purview to hold cash or deposits at the central bank equivalent to at least a prescribed percentage of their liabilities, such as customer deposits.
Business cycleIntervals of expansion and recession in economic activityBusiness cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth.
Security (finance)A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any form of financial instrument, even though the underlying legal and regulatory regime may not have such a broad definition.
RegulationRegulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.*As an Amazon Associate I earn from qualifying purchases.